The Johor real estate market will receive a much-needed boost from the relaxation of the stringent requirements for the My Malaysia Second Home (MM2H) programme and the high rental rates in Singapore.
According to State Housing and Local Government Committee chairman Datuk Mohd Jafni Md Shukor, Johor’s housing projects can be revitalised, and the unsold property issue can be resolved with this development. Since last year, he claimed, more real estate transactions have occurred as a result of Singapore’s high rental rates.
“From the first quarter of 2022 to the first quarter of this year, Johor real estate sales have increased by 17%, following the doubling of rents in Singapore.
“We are seeing many who work there and Singapore citizens buying properties here. Therefore, the easing of the strict MM2H requirements will further revive the real estate sector and help resolve the unsold property issue as well,” he said after the launch of a local council event.
“We welcome the Prime Minister’s announcement, as it will not only resolve the issue of Johor’s unsold properties but also the predicaments faced by the nation as a whole.
“There were a number of MM2H conditions that were tightened after 2018, including the requirement of RM1 million as a deposit for the purchase of a property and to stay in Malaysia for at least 90 days. Indonesia and the Philippines do not impose such conditions,” he said.
He also mentioned previous requests from the state government for an evaluation of the MM2H conditions.
It was also reported that the Sultan of Johor, Sultan Ibrahim Almarhum Sultan Iskandar, had urged the government to streamline bureaucracy and reform the MM2H programme in order to make Malaysia a more desirable travel destination.